18 Projects & 2 Royalties in South America | Latin Metals CEO Interview

Summary

• Investment Focus: Latin Metals is a prospect generator with 18 projects split between gold and copper, primarily in Peru and Argentina, and holds two royalty stakes.
• Business Model: The company follows a prospect generator model, partnering with better-funded companies like Anglo Gold Ashanti and Mo Resources to advance projects while retaining minority interests or royalties.
• Key Partnerships: Anglo Gold Ashanti is involved in a flagship project under a joint venture, with significant financial commitments and exploration targets, while Mo Resources focuses on copper projects in San Juan.
• Financial Overview: Latin Metals has a market cap of just under 28 million CAD, with a stock price currently trading above its 50 and 200-day moving averages. The company has no long-term debt and maintains a focus on managing shareholder dilution.
• Community and Permitting: The company emphasizes strong community relations and permitting processes, particularly in Argentina and Peru, to ensure smooth project development.
• Market Conditions: The CEO highlights the current favorable market conditions for gold, copper, and silver, and the strategic decision to focus on these commodities.
• Risk and Opportunity: The high-risk nature of mineral exploration is acknowledged, with the potential for significant discoveries balanced against the likelihood of project failures.
• Future Outlook: Latin Metals aims to continue its prospect generator model without the need for further capital raises, leveraging partnerships and strategic project advancements.

Transcript

Today in the CEO barbecue, we're looking for gold and copper across Latin America and across 20 projects together with Latin Metals. If you want a bullet point summary of this and all the other CEO barbecues in your inbox once a week, go to resource.com and subscribe to our free newsletter. Now, although the company you're about to hear from has not paid us for the production of this interview, you should still not treat this video as research. Research is conducted by reading the company's official filings, which you can find on set plus.ca. In any case, please only watch this if you absolutely know what you're doing. This interview is intended only for experienced junior mining speculators because mineral exploration, development and mining is an extremely tough business where failure is the norm and should be the expectation. This is going to be a conversation that is general and impersonal in nature and it is also going to contain forwardlooking statements. I am not a licensed financial adviser and my business sells content producing services which also makes me biased. Although this company has not paid for the production of this interview, it doesn't mean they won't become a client in the future. They might. So, before continuing on, please talk to an independent investment advisor with a good long-term track record because your capital might be at risk. If you're not 100% sure you understand 100% of the disclaimers I just showed you, please go to the last section of this video and do not consume this content unless you fully understand and agree with everything said therein. That all said, ultimately the story of Latin medals is one of prospect generating. So this is uh their focus on Peru and Argentina. They've got 18 projects in total almost evenly split between gold and copper as well as two royalty stakes. Textbook prospect generator model here though. Option out projects to better funded partners, retain a minority interest or a royalty and keep the generator pipeline full hopefully in perpetuity. Or maybe Keith has another plan here, but of course I'll be asking about that later on. the current anchor partners. Uh there's really two of them. Uh one of those so the the biggest one here on on what Latin would call their pro their um their flagship asset is Anglo Gold Shanti and that's on the south of gold package where the Orangulu um organulu I'm going to have to I'm going to need help with that throughout the conversation Keith by the way but it's organulu the organulu project is under a 75% earning JV for $2.6 $6 million of uh cash payments and a $10 million US work commitment over 5 years with a top up right to 80% at $4.65 per goat equivalent ounce. But the caveat here is that it has to be an M&I goat equivalent ounce. Is that a risk or an opportunity? And is the community happy with the work happening there this year? What work is happening there this year and when? Uh well, of course, more about that later on in the conversation as well. the other part of the focus and the other partner here um well the focus is copper and is copper in San Juan which is made up of two projects Esperansza and Guachi and that's where the second partner comes in second partner is called Mo Resources that's a privately owned copper producer and they are earning in by providing uh an almost $2.7 million cash payment 65,000 meters of drilling assumption of the underlying $4.5 million obligation and then hopefully the delivery of an NI4311 compliant ME which also gives gives the partner a 60-day top up to 100% right for the greater of $10 million US or 2 cents per pound of copper equivalent which would leave Latin Metals with a 2% NSR if that actually gets exercised of course partner execution delusion and all all these things they remain a risk these type of deals and companies so I will be back to this in the latter part of the conversation there are other things happening in Argentina and Peru and across the portfolio for Latin though where of course Um, I I want to talk about permits. I want to talk about the local community and so on and so hope so on and so forth. So hopefully Keith will be telling me more about that later on. Lat Metals is listed as LMS on the TSX Ventures Exchange where the average 3-month volume is about 70,000 shares. The stock's 52- week high is 32 cents and its 52-we low is 7 cents. With a market cap of just under 28 million Canadian dollars and just under 122 million shares outstanding today, this is a 22.5 cent stock with a 50 and a 200 day moving average at respectively 20 and 14.6 cents, which means the stock is now trading above both of them. Moving on to the share structure, I just I see just over 42 million warrants, about half of which at 20 cents and most of the rest at 15 cents with different expiry dates between now and um well, basically 2028 or May of 2028, but again, all warrants are in the money right now. So, that will be part of the conversation as well. There also 9 and a half million options striking at different prices between 10 and 13 cents, also expiring between now and May of 2028. And again, all of them are in the money as well. All in all, the number of fully diluted shares is just under 175 million, meaning an increase of about 43% in shares outstanding could happen if all the dilutive securities get exercised, which would then result in about a 30% ownership dilution if, and that's always a big if, of course, but if all dilutive securities get exercised. And of course, none of this accounts for potential dilution down the road, which is even though this is a prospect generator, it's still not unlikely because this is a pre-revenue company that operates in what is a very capital inensive industry. Talking about capital, I'll now go through the latest financial statement which shows me the numbers as of July 31st, 2025. So that's just over two months ago now. And at the time, the company had in total about 1.6 6 million Canadians in current assets, mostly in the form of cash to the tune of $1.1 million, as well as some prepaid expenses and account receivables on top of that. In terms of liabilities, there was no long-term debt uh at the time and uh just a little bit of current liabilities in the form of a $300,000 account payable. Moving on to the P&L for the 9 months that ended on July 31st, the amount recorded as expenses for the period shows up as $1.5 million. However, that number includes some sheerbased compensation, which is not a cash cost, but it also includes a recovery of exploration expenditures. So, the actual out- of-pocket cost was close to $1.6 million, or an average of $177,000 Canadian a month for again the 9 months that ended on July 31st. About 69% of that money went toward uh consulting fees, professional fees, and salaries combined. and uh another good chunk so about 12 and a half% win toward investor relations s exploration and evaluation spend those expenses get capitalized so it is node four of the financials that gives us the breakdown and this is where it gets a bit more complicated because this is a prospect generator again so not a typical explorer in the option payments and claim acquisitions together with the actual groundwork resulted in a total expense of uh just under a million dollars so $95,000 to be specific which is an average of about $100,000 per month for that 9-month period where over twothirds of the money went toward option payments and claim acquisitions, but they would also option proceeds to the tune of $760,000 registered. This is where it normally provide the drilling to marketing ratio, which looks at how much money a company spends on marketing versus how much they actually spend on their main business activity. But again, with Latin Metals, that number doesn't make too much sense because it's not a exploro. It is a prospect generator. But it still doesn't mean you shouldn't pay attention to all these expenses. So, as always, I would like to remind you to be cautious because your capital is at risk. So, please visit cedplus.ca and view the company's official filings for yourself. Um, all in all, again, there are 18 projects, uh, two royalties and close to $20 million of partner spending potential for this fiscal year, which of course will be the main topic of discussion in this conversation. But for this to actually become a conversation, I'm going to have to shut up already. And Keith, I'll give you the word here. But first of all, thank you for sitting down with me today. Yeah, pleasure. Yeah, thank you very much. The pleasure. Pleasure is mine. And and since this is your first time on the barbecue, we'll have to go through the smell test first. Um, but just before we do that, as as the metals prices, so gold and silver and copper actually seem to be doing incredibly well right now and and people are looking for leverage to them, why why would I care about a prospect generator in this market specifically versus a developer or an explorer? Uh, well, if you're investing in developers, you're just in a completely different space. So let's think about prospect generators uh in the context of standard explorers which is a comparison that I can speak to more easily and I think makes a bit more intuitive sense maybe like the the explorer co like when I came to Vancouver from Ireland in 2005 the junior space was new to me like I'd come from from a major mining uh we've been somewhat isolated from the junior space to some extent and to the business in general. And I as I spend more time in Vancouver and looked out onto the street and all the other companies that were there, I'm like, "Oh my goodness, like there's there's 3,000 approximately ballpark junior exploration companies listed." Uh it seemed to me they were all doing the same thing. And it seemed to me that if you were going to become a shareholder of one of those companies over time, your percentage ownership of that company would change very drastically because those companies are just going out and financing and financing. Mhm. Uh so it's a very capital intensive uh place to be. It's it's an unusual space in the sense that like if if I presume that your viewers are pretty savvy in the mining space, but for anyone that isn't, this is this is most similar to the pharmaceutical industry where basically all of the money is research and development. The chances of getting to success are low, the risk is high. But if you get to an FDA approved drug in the pharmaceutical company that you've invested in, you're going to do really well. Uh it's going to make a material difference to the money that you're making. And so exploration business is exactly the same. Uh it's it's high risk. Lots of projects fail. We would expect lots of projects to fail. Lots of projects result in discovering something but maybe not quite big enough to be developed. uh and from time to time very very large and very significant discoveries are made and those are obviously the ones that make the biggest difference. Thinking about standard exploration companies and and just stepping past the fact that there's all of this share dilution going on with all the financings. There's also less opportunities for success. Much less opportunities for success because a standard exploration company might only have one or two projects. And if they do, maybe that's like a drill program in a year. Maybe the drill program doesn't go that well. The share price falls again. They go back to market at lower levels dilute even further. A very distinct lack of catalysts can be very very common among some of these companies. uh particularly in poor markets where the companies have difficulty raising money for their one or two projects. In our case, we're less affected by poor markets because we've got partners and our partners have got money and we don't need to rely on good market conditions to raise money to drill projects. We're not paying for the drilling. We've got multiple projects and therefore we've got multiple opportunities for success. So that's coming back again to the pharmaceutical example. If a pharmaceutical company's trying to develop 10 drugs at the same time, maybe one of those will be successful. And it's the same in exploration. So, we've got multiple projects. Uh it's not unusual to see prospect generators with 30, even 40 projects. Uh it takes time to get there. At the moment, we've got 18 projects, but we're constantly expanding and we've got multiple catalysts ahead of us right now over the next two quarters with these projects getting drilled. So multiple opportunities for success is one of the very major differences between what standard companies are doing and what uh prospect generators are doing. There's another that I do want to talk about when we get to the the business case actually as to how you want to run this company or essentially kind of the where do you see yourself in 5 years type of question. And I think what you said here does set the stage nicely for the strategy part um that we'll do later on. But we still have to go through that smell test first and I'll be starting off with yourself as a CEO of the company. What's your track record? And uh have you made more money for shareholders than what you've spent during your career so far? Yes, way more. Uh but that's such a good question and it's the only question that really matters because why on earth would people invest in a company if they're not got a reasonable chance of making money and and it's something that's forgotten by many CEOs who are lifestyle type people. It's an unfortunate aspect of the industry. There are such people who are not in there to make money for shareholders but in there to secure their own future. Uh, I've had a couple of really nice successes. One of them was shortly after I came out of Anglo-American, I went into a junior company called Cardiero Resource Corp. And that was we had just acquired a project from Rio Tinto for $350,000. Was really cheap, 100%. Uh and then we drilled five holes deep holes into a very large magnetic anomaly which turned out to be a very large iron or deposit. And with just a few holes and and using the magnetic anomaly as well, we were able to get to a preliminary economic assessment in very short order that to find 850 million tons at 43% iron. And that somewhat quickly like within the next two years led to that project being purchased for $100 million US uh by a private Chinese company. It's like this like the perfect model for what you want to do. You acquire it cheaply, you don't spend much money and you you sell it for a lot of money. And so yeah, that's that's as good as it gets for me. uh what happens after that is also important and we can speak to that later like how do shareholders necessarily benefit from that but but just to stay on the successes u I'm currently CEO of velocity minerals which is a company that's essentially sold all of its Bulgarian gold assets uh in February 2025 that's a transaction that closes over sometime so it's it's two payments and the company rece received one of those payments and not the other yet. So I actually remain CEO of that second company for a period of time while that transaction is closing. Uh that transaction is sale of assets is $80 million Canadian on a 100% basis and at the time that we made that deal it was two and a half times the market cap of the company. So again, a really big success and a really big success in a very very very difficult market. Uh and so we're very we're particularly proud of that one cuz I think when times are difficult, it's the most difficult time to deliver something like that. And we haven't yet uh put out news releases announcing exactly what we're going to do with the cash, but we're considering a return of capital to shareholders. And that's something that we'll be able to talk about more openly after we get some news releases out and talk to the specifics of that. But the idea is to get some material benefit back to the shareholders. uh currently hold any other executive or board positions with other companies outside of Velocity and Latin Metals? Uh yes. Uh I'm on the board of a silver exploration company which is exploring in Bolivia. Uh something I've been involved with for a couple of years. It's coming to market and has just finished an RTO basically. So it's been trading for about a week. Uh but that's it's a board position. is not an executive position and so it's it's not especially consuming of my time. That's exactly why I'm asking essentially is how do you Yeah, that's exactly what I'm asking or why I'm asking these things because I'm just wondering how do you how do you split your time between the different companies? How much of your attention goes toward metals? Uh at the moment it's it's very variable like it depends what's going on and it's a difficult question to answer but uh at all times enough time to make sure that we hit all the catalyst and all the deals get done. Uh I don't know what else I can say like but I realize that I know why you're asking the question and it is a concern sometimes for people. Uh, I think I think I've proved over the last few years that I'm able to do what I'm doing and to continue to deliver very significant successes for both of those issuers at essentially the same time. So, I'd rather be judged on what I'm delivering than specifically how much time I'm spending on any particular item in my life. How much how many shares of Latin do you own and what's the average cost that you've paid for those? Oh, good question. Uh, and the the answer is going to shock you. Uh, not in the amount, but in the cost. So, I've got about uh very close to 3 million shares, I think. I don't have the exact number to hand, but I do have the price to hand because I've paid an average of uh 16.5 cents for those shares. 16 or in one six. So I uh so there's no founder shares involved in this transaction. Like this company is just something that I ended up running and I had to buy my way into having an interest. I've invested personally in real cash terms more than $550,000 which may or may not seem sufficient so or significant to people. I don't care but it is significant to me. Like it's a that's the only thing I care about a big chunk of money. Yeah. That's that that's the only thing I care about essentially is, you know, skin in the game. How important is it to you? Sometimes, you know, I talk to people and they would tell me, you know, I have 5 million of my own money in in this, but I mean, if if depending on your own situation, 5 million would be anything, whereas like to me would be everything or way more than everything. But now that we finally seem to be in a bull market though here, Keith, and as you said, you're you're essentially a big fan of the prospect generator model yourself. Are you planning on buying more LMS shares in the open market? So, my part of my compensation package is an option package which is about to expire. Uh that's priced at 13 cents and I'm going to be exercising all of those options. I've also got warrants which I'm sure we'll talk about during the call, but uh I've got options or sorry, warrants that are expiring just in a couple of weeks and I'm going to be exercising those as well. So, I'm going to be I'm going to be putting an additional $325,000 into the company in the next two months. Yeah, I definitely want to talk about the options and warrant situation. We will get to that once we're talking about the financial situation. What's um what's the rest of the insiders ownership here from from the perspective of again directors and officers outside of yourself? Who owns what? Uh it's around 40 40 41% I think right now. Uh we've got a very significant shareholder with about 35%. That's a private uh investor and a and a personal friend of mine who I've been working with for about 10 years. Uh he's based out of Los Angeles and he's also on the board. His name's Robert GoP. Yeah. Okay. And then the rest is split between other officers and directors. And that 35% because you mentioned there's no founder shares. That 35% that was also bought and paid for in the market or how did how did Robert get his shares? Average 18 and a half. Okay. Well, talking about other insiders, do you or any of the other insiders personally own a royalty on any of the projects you have? No, absolutely not. That's the right answer. Uh there's not nothing. My god, that would be like I I know such things do happen, but really like Oh, you'd be surprised. Um I do about one interview a day and uh I I only do exploration development. So it still does happen especially with some of the older companies and uh it's something that I I do like asking about every time. It's kind of like a you know a check on my checklist here. Um that was the end of the call I presume. still on the same topic and still within our smell test and uh still thinking about incentives really and skin in the game and this is particularly interesting in the prospect generator context because I wonder I always ask this but I wonder in your case how do you measure success internally and and specifically why I'm asking that is because I'm trying to better understand how executive and director compensation is going to be structured to reflect that potential success. So I'm asking about sort of your KPIs and what they're based on. Uh we're a very small company. We we don't do a lot of bonus type stuff. Uh and at times in our history, we've tried to do some pretty formal performance review, but it becomes a bit tiring in a very small company where everyone's very very busy. So uh you can't necessarily run a very small company like it's uh Google. But uh we're basically uh salary based and we're option based and that's where we expect most people to make their money and and people have got share positions, they've got options and I need people to care very deeply about the what the share price looks like because that's how we ultimately get to the end. uh we do pay a little bonus here and there, but as you'll see from our financials, it's not terribly significant and we don't we're not cycling enough money through the company to really do that kind of thing. Like it doesn't really make sense to to run the company on a little over 2 million a year and then start to pay out big bonuses. It's nonsensical. Again, you'd be surprised. Uh it still happens a lot out there. And um I mean there's many many you know sort of small little tricks that over time you learn about and then and you you learn to look for. So that's where I'm coming from with these questions. Um I think that about does it for the smell test. I want to go back to what I alluded to at the very beginning of the conversation and and talk about your end goal here essentially. Um and it's sort of the uh where do you see yourself in five years question, but where do you see land medals in 5 years and and do you keep running the business model in sort of in perpetuity? Is that what you want to do or will you be looking for an exit during this bull market? Well, we will keep running as a prospect generator for as long as the company exists. There's no plans to change and that's that's for the specific reason that so many of the shareholders that are invested in this company are they've invested in the model. Like we've when we first came up with the idea that we would switch from what we were doing previously which was standard exploration to uh to prospect generator like the people that came and financed the company bought into that idea. We've completely stuck to it and we haven't pivoted to do anything else. We've never rolled a drill rig onto any of our properties and and we never intend to do so. Mhm. It's uh it's just got to stay. It's got to stay running as it it's intended to run and as people who have invested money expect it to run. I don't want to surprise people by doing strange things. Uh exits or not exits. Uh there's many options. Exits is the easiest one to talk about. If Anglo Gold are about to start drilling, Anglo Gold have got specific targets in mind when they approach a grassroots exploration project. They've told me that Organo is their top priority and their number one grassroots exploration project globally at this moment and they're exploring in various countries around the world. So, it's a significant project for them. It's got they think it's got very big potential to meet their hurdle rates which is 5 million ounces and they don't get approval to invest in projects unless they can really persuade a management team that they've got that potential and that it's real. So uh what happens if they find something like that uh in the structure of the option agreement that we have with them? They don't have an opportunity to own 100% of the project. They could own 100% of the project over a very long period of time by entering into a joint venture and hoping to dilute me out. But if they want to actually secure 100% ownership of a significant discovery, if they make it, they have to do it in one of two ways. They either buy the asset or if the company doesn't offer the asset for sale, they have to buy the company itself. And that is an exit. And that is an exit that benefits shareholders. If the company is sold, uh the the benefit is obvious. If the assets are sold, the benefit is de benefit is less obvious and you have to create something that creates the value. So you have to return capital to shareholders in order for them to benefit from that. And that's what I would intend to do. So, and that's one of our projects and one of our partners and all of the projects and all of the partners offer a similar opportunity. So, I like to think that we're creating multiple multiple exit opportunities and we're creating way more exit opportunities than an average company. And because I'm going to make a case to you that our projects are generally of higher value and higher exploration potential as can be seen from the types of partners we're getting then the chances are even better. Uh so it's not just number of projects although it's easy to focus on the number of projects but it's also the quality of the projects because this is a high-risisk environment and you can go and drill in a piece of moose pasture as they call it in Canada or you can go and drill a quality project and if you're not doing the ladder your chances of success remain extremely low. So those are those are excellent opportunities. Uh yeah. Do you guys have if you do if you get to an exit opportunity where someone wants to buy the company but they're not necessarily interested in all of the assets within it. You can create a spin out opportunity. So you can you can get to the ultimate exit for the shareholders but create an ongoing opportunity for projects that that company is not interested in. uh you can end up becoming a royalty company organically, not by going out and buying royalties, but by doing essenti essentially what companies like Altus did. Uh and last time I looked at Alus and it was probably a couple of years ago, uh they were pulling in royalties of the order of $90 million US per year and I'm sure that number has become much larger in the last couple of years. So, and a portion of that money from the Alia side gets reinvested into other opportunities and a portion of it gets returned to shareholders. So, there's lots and lots of ways that shareholders can benefit from being the shareholder of a prospect generator. If you listen to Rick Rule, he'll tell you categorically that he's made more money from prospect generators on the discovery side than any other type of company for many of the reasons that I've already outlined. And and Rick obviously is a is a shareholder of this company now as well. Uh he became a shareholder recently. It was a forget I think May or June this year. and he became a shareholder because the catalyst that we have been building towards are actually here now. So, it's been a perfect storm for us. We've spent quite a few years putting this company together. We've got a slide in our presentation that's really complicated looking, but it shows all of the years and all of the things that we've done to get here. And frankly, that can be a little boring and it can be a little light in terms of catalysts. But once you get to the catalyst, once you've optioned out the properties, once your option partners have done the work they need to do, once the permits are in place and they start to drill, then this is it. And this is where we are right now. And we're arriving into this fabulous situation really at the perfect time in the market. Like this is the best market conditions we've seen in this sector for 10 years probably. And we just got really lucky. We got lucky with so many things. We got lucky because this happens at this time. Like if we'd been drilling last year, do you think we would have had such a lot of success and such a lot of attention? Probably not. So timing is important and we get lucky with timing. Mhm. We we made a decision to focus on gold, copper, and silver. I don't think that's entirely lucky, but it was a decision and it was made for a particular reason. But we also did not have a crystal ball. So we're lucky in the sense that those have probably been the three best performing commodities in the market. So we made the right decision as it turns out. So yeah, lots of things. Uh to go back to what you just said Keith though about an exit. Um I'm a big believer of finding out where the incentive lies for your counterparty in finance because that's going to show you where the end result might be. Do you guys have um change of control fees implemented? Is that something that's um that exists for you? Yes. What's the size of that? Uh it's two times for me. I don't remember what it is for others. Okay. Okay. But but again I mean so what I'm checking for here is is reasonable stuff. I mean it's not it's not like it's a fixed $10 million payment or something that you'd get. Um and and I'm exaggerating of course for effect, but that's essentially what Yeah. No, it is it's definitely a market. So two times for the CEO. It ranges between two times salary and two times salary plus bonus sometimes, but there is no bonus component in mine. It's just salary. Part of the strategy, and I've heard you talk about this in in presentations, is to become a company that never has to raise money again. How far away are you from that position now? And and what would you have to achieve to actually get there? What what does Latin Metals that doesn't raise capital? What does that company look like? I think we're here. Honestly, I don't think we have to go back to market. It depends on uh the warrants and option discussion that we have yet to have and it depends on some payments that are due to come in uh such as the payment for next June due to come in from annual gold to Shanti which is $850,000. It relies upon us continuing to secure new partners, which I believe we will be able to do. But like just for example, if if all of the warrants and all of the options in 2025 come in, if then we finish the year with about 3.9 to 4 something million. It depends on a few things. Uh looking forward to the end of 2026. looking at our GNA, the work that we plan to do, various other assumptions. I think we finished that year with 4.6 million in the bank. There's a lot of ifs and buts in that, but like just for the sake of making a plan, we forecast this stuff all the time to see where we're going to be and that's what it looks like and and if all of those assumptions within that calculation come true, we don't have to go back to market and we won't. Talk to me more about that the the options and warrants. Have some of them already started to come in? You mentioned how much money do you have right now? Actually, today I not exactly sure. I haven't checked. Uh probably half a,600. Okay. So, it's getting to a point where some money is going to have to start coming in especially because of the South American season is about to start. So, so you might be spending a little bit more money than in that case on geologists and whatnot. Um, so, so talk to me about those warrants. Who owns those warrants? Is it more of a mix or are they concentrated somewhere? What does that look like? Uh, the warrants that are expiring, there's only one set of warrants expiring in 2025. They are sitting with something like 12 to 14 individual investors. all of whom I'm extremely close with and who are longtime supporters and shareholders. So, I just can't I can't imagine why any of them wouldn't come in other than if the stock comes under pressure. Mhm. Yeah. Um do you think the stock might come under pressure though? I mean, just today on the day that we're having this conversation, which is um Thursday, October 9, the stock has come under some pressure. Um Yeah. What do you think? Thanks for bringing that up. Uh yeah, like we've seen we've been at 32 cents and 22 cents this week. So, it's really interesting. Uh the stock was trading more volume this morning because it came back a little bit. So, it was trading much less volume at 32 and 28 and yeah. So, I don't know. It's there's definitely there's definitely buyers out there. Uh there's definitely some warrant stuff going on. It's difficult to say what's going to happen, but I'd be pretty surprised if if it falls further, but you never know. Uh I it it also depends on what happens in the rest of this month. like we uh we normally intend to have a couple of news releases out in a month and and there's we're always working on things but we can't put the news release out till that happens. So the there's there's some things that I pieces of news I would like to be able to put out in October but I don't know if I'll be able to get there in time. So and those things would probably impact just the general market conditions a little bit anyway. So yeah, let's see. Uh the options are less of a discussion. I think those are sitting at 13 cents. Mhm. Yeah. Some of those expire this year as well, I think in November. November and December. Yeah. Yeah. Okay. That's all that's mostly insiders then I assume though. Yeah. And then that's something you do have control over. So I I assume a lot of that will come in as well. Is that right? A a lot of it's me actually for for reasons I can't quite remember. But it a lot of when we started it was really just me and I I got a significant option package and then subsequent to that I've really had not too much more issued to me but they've been issued to other people as they've come into the company. Yeah. So it just it just works out that that package is mostly me and I already know I'm going to exercise them. So that gives me some certainty. Do you feel like there's pressure for from shareholders maybe to increase G& now that we're in a bull market? Is that something you might want to do as in know do more marketing or something else given that again we're in a bull market. So so everybody's super loud in the market right now and if if you're trying to outscreen them you do that by spending more money essentially. So is that something you want to do? Well let's talk about marketing specifically and then we'll talk about GNA and people. Um on the marketing side we uh Elisia has been with us for some time. Uh but we really ramped up our marketing as of January this year because we felt like there was going to be a lot of catalyst coming in towards the second half of the year and the latter quarter. And so we just wanted to have that awareness out there. And so for the first time in quite a few years we started going to conferences. Well we always go to PDAC but we started going to onetoone. We went to uh the gold meth Kai Hoffman show. We went to some CM kind of one-on-one investment uh forums. So yeah, there was lots of things that we've done like that and we've just done a lot of social media, a lot of updates, a lot and there's always a lot of news releases. So, uh, marketing budget this year definitely increased substantially. Like I can't remember what it is for this year, but I I think it's pushing $300,000, which is much much more than we've spent in previous years, but but it's not market related. It's it's catalyst related. It was the right time to spend the money and and we did. But that doesn't necessarily mean that we need to keep spending that much money because we're doing so much of this inhouse. Like a lot of companies will go and spend a million dollars Canadian on a social media campaign for 3 months. And maybe that makes sense. Maybe it makes sense for producing companies. It makes sense in some environments, but to me it it cannot make sense for us because it's not it's so much of a percentage of our total revenue, our total money in the bank. So it doesn't make sense. So we have to do it. We have to work hard internally to get these things done. Uh so I don't see us ramping up marketing and I maybe we pull back a little bit because we just don't need to like we've got a hell of a lot of awareness now and doing some of this stuff internally it's really just uh Elia salary and not external consultants. Yeah. In terms of people, it's been something that's been on my mind. Like we through bad markets, we definitely try to keep it tight and we've to the extent that we do work on our own projects to get them ready for partnerships, we have a a group of consultants that we use and we do it that way because when we're not doing anything, we don't have to pay them. But but we are getting more busy. Uh we're looking at new acquisitions. We're looking at lots of opportunities. It's getting to the point that we don't have we need more people around. Uh and that's the biggest contributor to that is site visits. So you know two three years ago we weren't having a ton of site visits from bigger companies but now we are uh the market has changed for big companies just as it has for junior companies. And so we've got a lot of companies coming to look at projects that are not yet partners. And so and that just tends to look like these things take a week each. Like by the time you fly there, you get to site, you look at the rocks, you come back again, and then as soon as we're finished one, there's another one and another one. So, so that leaves us very short of time. And so, yeah, I think more people will be the answer to that problem. Uh, not a lot more people, but just a couple more really high quality geologists in our organization would make a big difference. I I've done a couple of site visits myself this year and um they do take a lot of time and uh generally also for the company as well. So I do understand that point. But all in all, if if you cut back on marketing but increase uh sort of your staff spending, where is that going to put you? Again, as I mentioned, over the last nine months, the average has been 177,000 bucks. Where do you think that's going to end up being? Yeah. So that's a little over 2 million in a year. Yeah. uh like we're talking about changes of a few hundred thousand if anything. So it's not okay. It's not really terribly material. Yeah. Yeah. In terms of cost. Well, I I do want to talk about some of those catalysts that you mentioned there because they're going to be a big part of of the story here. Well, basically the whole story really. Um organulo. Am I saying that correctly? The Argentinians speak speak Spanish with a few nuances and one of them is the two L's and it makes a sound. So it's like kind of organ. I can say that uh just that that's about my limits. Uh but I can say organ being the flagship here. What's uh what's Anglo Gold planning here? Spend meters holes. What's the plan for the upcoming season? Uh the initial drill test on three targets is uh I think it's 10 holes to 6,000 mters. And that will that will tell them a lot about the project. These targets have never been drilled. They're it's a funny project. I'll tell you a little bit about it. the the project's existed for quite a long time and and we've owned it for a long time as ourselves and through a predecessor company and I think it came originally it was owned by tech the Canadian company and at some point they either intentionally or not intentionally didn't pay the taxes that were due on the project that we were able to kind of sweep in and pick it up. So it was a really cheap acquisition. The project has got it's had a few companies look at it and drill it. Uh several junior companies uh also Newmont Yumana uh but they all more or less did the same thing. This is a funny thing about geology. So so you drive to this site and there's a little tiny underground mine at the at the foot of a hill. It's called Julio Veret Mine. I think it's from the 1930s. It's irrelevant. Like there will never have been any significant production out of it, but it was a really high grade vein. So they were pulling out super high-grade gold with some bismouth. And so every company that's ever gone to this property has essentially thought to themselves, well, we should go on top of this hill and drill into it and maybe we'll find more. I'm oversimplifying a little bit, but they've all done the same thing. They've all drilled in the same area. Yanna most recently optioned this property from me and they went in and basically twinned the holes that other companies had done somehow hoping to get a different result but they got the same result. Mhm. And it's kind of crazy. So all of that drilling has amounted to there is some gold there. It's low grade. It's like 2.3 g. Just to totally as a thumbs up and to guess the target size on that might be like half a million ounces but it doesn't really matter. It's awfully low grade and it's not what Langlo Gold are looking for. So Anglo Gold went somewhere else on the property several kilometers away and it's entirely possible that no other geologist ever made the effort to walk to the other side of the property. It sounds unbelievable but it really could be possible. And so Anglo Gold, they come with the knowledge that they gained in Colombia when they made a lot of significant discoveries, I think three or four in the early 2000s and having had the benefit of doing that work in Colombia and seeing those rocks on the ground and having that knowledge of the mineralizing systems, they come to Organo and they say, "Okay, we see in this part of the license, we see the same rocks at surface we see the same general structural and alteration setting. There's a significant chance that at depth we're going to find the same things that we find in Colombia. And what that is is something called a high sulfidation epiothermal system. Uh the name doesn't matter. The modern analogy would be Salari's Norte in Chile, which is a gold fields project, which has got proven and probable reserves of just under 4 million ounces at a little over 5 g per ton gold. Mhm. So that's what Anglo Gold are looking for. Their hurdle rate 5 million ounces. That's what they're looking for and that's what they think they've got a chance to find. And that's very very significant numbers obviously and obviously high risk like we in a 10-year period we might expect to find maybe 15 of those types of deposits around the world in terms of discovery rate. So we're talking about the absolute top echelons tier one discoveries is what they're looking for. Yeah. I did recently speak to one of my geologist friends, um, Kuz. So, well, I guess we're all fans of of tier one discoveries out there, but they do not happen all that often. We typically have one or a max of two a year depending on the amount of capital that gets thrown toward exploration. Yeah. With um with those projects though, that's all permitted. Government, the community, everybody's happy with all that work that is planned there. The 6,000 mters, everybody's happy. Is not a scenario that exists in the world. But they do have a permit. Yes. Yeah. Of course. Uh yeah, this like I I'm just making a joke, but you really you can never go to any project and expect all members of the community to welcome welcome you with open arms. It's a process. You work with the community. You get to the point where you've got a significant level of support and the government gives you a permit and then you work as collaboratively and as carefully as you possibly can to maintain that social license. But it's very challenging. What is a community situation though um right now? How close is where Anglr wants to drill to any type of community? And and yeah, what is how do they look at it? Uh the there's a community called San Antonio Discoas, which is a smallish town, but it's seen a lot of development. Uh we're in Sala Province in northwest Argentina, just for context. Uh and we're at 4,200 m uh on an area called the Puna, which is just a continually high elevation area, extremely remote. You can drive for kilometers without seeing a single person, but there are communities within it. Uh they are spaced out, but San Antonio is the closest. I'm not sure quite how many people live there, but it's it's probably the biggest town in the region, I would say, and and has grown a lot due to the development of lithium projects over the last 2 or 3 years. It's also probably suffering a bit due to the collapse of the lithium projects over the last two or three years. uh on the project itself, I would say that the number of people residing within the claims is probably measured in the tens rather than the hundreds. So, it's pretty remote. Yeah. And h how does the community relation there go? Does is that something that Anglo has to take care of entirely? Do you ever have to go down there and talk to them or what does that look like? No. So we are we're the holder of the property. So the title of the property is with our subsidiary company in Argentina. Uh but Anglo Gold are the option partner and they've got a power of attorney. So they act on our behalf in dealing with communities and doing all of that work. What do you think is the biggest risk for this project between now and and the time you get those assays back from the 6,000 meters of drilling? I don't know that there's too much risk in that period. I think the risk is when you get the assays back. The risk is that there's no gold there and the upside is that there's lots of gold there. And just to be oversimplistic about it, but if for some reason this is not a strongly mineralized system, that would be disappointing. But I should also emphasize that Anglo Gold will look at this much differently to how I will look at it and how my shareholders will look at it. because Anglo Gold will understand that you don't always make the discovery in the first 6,000 m. Uh but they will want to see they know exactly what they're looking for in terms of the rock types and the alteration and where those things occur at various depths in the drill hole. So they've got some boxes to tick and even in the event that there's not any significant mineralization, they might may find themselves understanding where they are in the system and where they need to go next and therefore they may go and do more work even if there's nothing in the first uh initial phase. we look at it differently because that concept is really hard to explain to shareholders who want to see fabulous result and so we we really hope for some fabulous results and it's likely that we'll get them like it's not I'm not trying to paint a gloomy picture here it's this is a fabulous target and if Anglo were to leave the project tomorrow I have a drill permit and I would do everything I can to get that thing drill tested because I absolutely love it. They've done a an amazing job. The geological logic behind what they're doing is absolutely signed. It's one of the best targets I've ever seen in my life and it's their number one grassroots target in the world. So we don't need to focus on the downside, but as investors, we need to be aware that it's there, right? Like it's there's no guarantees. The other thing interesting thing about the project is that Anglo Gold are looking for a specific type of project and that's their first high priority and they go and look at that first. But but some of the work that they did including a a very detailed uh propertywide magnetic survey highlighted some other very interesting targets which are not part of this program. And there's a there's a really compelling uh copper pfery target copper copper gold pfery uh sitting elsewhere in the property uh which is not part of this program. So even in the event that this program doesn't lead ultimately to the big success that we're looking for, there's going to be other opportunities and and I'm I can't speak for Anglo, but I think that they would want to go and drill those before they walked from the property in that scenario. What are do do you know what their internal hurdle or target is for this for you know the move to phase two? Is it size, grade, alteration footprint, metalergy, or what are they really looking for that would, you know, point them in that direction to those 5 million ounces that they're hoping for? Uh, rocks and alteration and if they hit mineralization, that will help a lot, too. But, but it's it's more about indications that they're in a system of a certain size and understanding where they are within the system. And if they're not finding if they're not drilling straight into mineralization where they need to go next, whether it's 100 meters west or whatever the case to get into the right portion. So whatever they get from this drill program, if it's not mineralization, it'll be a vector towards mineralization hopefully. Mhm. Or it's just mineralization and then they're stepping out to expand it in which case it's even better news. But there's not a lot of negative scenarios here. like what they find at surface is compelling. Um, and whether it takes them 6,000 mters or 12,000 mters to get to the right answer, I can't say. But well, I I I wish I could. I think uh and I wish you could. I think both of us would be uh way richer men than we are now probably than if we could say how much it's going to take and exactly where it's going to be and what it's going to be. That is the reality of things. You you did mention something interesting there though, Keith. If they walk, you you're gonna, you know, to the best of your abilities, you're going to try and drill this thing. What What does happen if they walk? Uh if they walk away after this season, where does this leave you in terms of ownership and them and so on and so forth? If they walk away, I own 100% just as I did before they came and I've got a drill permit. And I've got a fabulous target that many, many, many other companies would want to drill. So, but yeah, they're not going to walk away. I don't think like well I shouldn't say that there's there's so many scenarios like the the hurdle rate is a very interesting one and it's very important what they need to find to get support from their own executive committees. Yeah. Uh, for example, if Anglo drilled some mineralization and then stepped out, but ultimately they came up with about 1 million ounces, 1.5 million ounces. It's unlikely to get long-term support within the company. They'll have other things that they want to go and do. And but in this in the walk away scenario, I have 100% ownership. So if they find something that's frankly just too small to be interesting to them, that doesn't mean it's going to be too small for me. Like if I can if I ended up with a project with a million ounces on the books, that would be fabulous. Yeah, especially given the fact that someone else has paid for it. Um I think that makes it even more interesting. It might be worth revisiting actually uh later down the line when you have some more news from the project. When do you think that's going to be? When do they start drilling? When's the when are the assets going to start trickling in? Uh they're starting drilling extremely imminently. They made one small change and a very very smart change to their program. They decided that rather than taking water from the site itself, they're going to take it from somewhere external to the property and bring it in by truck. And univers like you were speaking about communities earlier like the universally the number one concern if you think of communities especially remote ones is that their water source remains uncontaminated and drilling does not contaminate water but that's not necessarily known and well understood by people. So it's such a smart thing for them to do is say look we'll just spend a little bit more money and bring the water from somewhere else and then the problem goes away. So yeah it's smart. Yeah. So they'll there. So the the reason I mention that is is partly to praise them for what they're doing, but partly because there's this last step that they have, which is just finalizing a water permit to make that extraction. And uh so yeah, and I think that's going to be wrapped up in about a week and they'll be drilling. And then to answer the second part of your question, I would expect to see results coming in in Q1, pretty early in Q1. How does that work? the flow of information. How do they do they have to tell you everything sort of step by step or are they going to drill the full 6,000 meters as say the full 6,000 mters and then get back to you or how does that work? According to the contract is quarterly data to me and that's that's just basically designed at finding a balance between my need to have data and their need to get on with their job. So quarterly is kind of a nice compromise. It's not really enough for me but it's not too much for them. So it kind of works out. Yeah. Uh, but I do talk to them like I' I' I've got regular phone calls with the guys, so we're we have a really good relationship. Mhm. Uh, and yeah, we talk quite a bit. So, I'll I'll be aware of kind of how things are going. Uh, but I won't know anything for sure until I see the assays. Uh, well, again, might be worth revisiting this and then in Q1 of next year, Esparansza and Hatchi, what is um Bohiko planning there this year? So, this is an interesting company. These guys are actually I have to admit I never heard of them until I had a private company. Yeah. They're based out of London. Uh since I met them and since we made the deal, I've been through London a couple of times and talked to people and everybody in London know them. Like they're they're really well known. They're really well respected. They're a big success story for people that invested in the company. Everybody's happy. But for us being public market focused, we weren't aware of them. Uh they're they're really good. They've they're they're a company made up of former executives of major mining companies and technically very very strong people and that's important uh just as it is it's the case with Anglo Gold as well like the the quality of the people looking at your project from a technical perspective will have a material effect on your success. Uh so uh they're they're basically in a permitting phase like they're doing work at surface. So they have a permit to do work at surface that would include things like prospecting, mapping, uh taking some samples at surface, that kind of thing. They do not have a permit to drill and until they get that permit, there will be no drilling. So my projection of them drilling in Q1 next year is based on an assumption that they'll have the drill permit by then. uh they're doing as well as the kind of prospecting work which is very important uh they're also working on environmental and community matters. So to get a permit you need to address people's concerns. Uh you have to do the type of work that when presented to the government will also have enough information in it so that communities and stakeholders can look at it and go yeah that's that makes sense. we've done the right things here. So, the scale and scope of their EIA, I would say, far exceeds the type of EIA that I would expect to see for a exploration stage project, but but I think it's time well spent. So they're basically spending a year working on things like hydrarology, water at surface, groundwater, climate monitoring, the kind of stuff you'd almost expect to see if you're going for a mining permit to be honest. Like it's really quite detailed, but but it's great and it means that the government all the government agencies will have the data that they need to make decisions about what happens next. And so they're it's just the right thing to do. In this case, there are communities close to Esparanza that are not entirely delighted with mining and exploration. That stems back initially to a spill at Barrack Valadero project, which is a long way away, but up in the high Andes in the same province, which at some time led to anti-mining process in the village that's close to Esparanza, and those have continued. So there's a as with most parts of the world there's a body of people who are really against mining and their minds are very unlikely to be changed. Mhm. The trick is to persuade the rest of the people that this is advantageous in terms of the mining can be done without uh damage to the environment. This is how we're going to manage all of these various aspects. This is how we're going to employ people from the village during the process. And it's simple things like we we used to store our core in a different city quite far away and we moved it Mashiko have moved it up to the town that's close by the project. That makes way more sense. Instead of hiring vehicles in the city of San Juan, they're hiring vehicles locally. They're hiring people locally working with the people uh the community are involved with the environmental work that they're doing with the monitoring uh sample taking. Uh they're also doing a social study which is a good thing to do and I've done this before in my in my past with other projects. It involves basically hiring a social science company to to go doortodoor. Uh and in this case I think they're doing 600 households in the immediate vicinity of the project. I might have got that number wrong. It might be 400. But they're they're doing a lot of work. They're going to go knocking at people's door. They're going to ask them lots of questions about how they feel about mining in general, how they feel about this project, investigate their knowledge of the project so that if there's gaps in the communication back to the communities, that that can be filled as well. And it you end up with a document that tells you so much about how the community feel about your project and what you need to do and how you need to do it to try and communicate as well as you possibly can and and get your permits in place. Yeah. This is a side of the industry that we don't talk about very much. You'll never see a news release that really focuses on this stuff. And yet in the case of a project like Esparanza, this is probably 90% of the effort. if the community doesn't want it there, it's not happening. That's kind of how I learned it when it's early stage. And so I always like to talk about the community and what's happening there, which also reminds me of um your projects in in Peru. What else is happening across the portfolio with your projects in Peru? What is the stance there? I I I like Peru geologically quite a lot. And there's a lot of things that you can find there, but again, the community has to let you work it. So yeah, what what else is happening with um with with the portfolio and specifically in Peru? So the portfolio in Argentina, including some things we haven't talked about, but those were all mostly those were in the company at the time that we became a prospect generator. The projects in Peru are new and we acquired them at the beginning of that process and we acquired them by staking. I tell you that detail just because they're they're necessarily a couple of years behind the projects in Argentina. So that's why you see drilling starting in Argentina whereas it's probably another year at least before we see any significant drilling in Peru. Uh in terms of acquisition strategy, we are we are very influenced by community situations. So, you know, we'll generate targets and ideas and we might end up with 25 opportunities in front of us in terms of properties that we were able to stake. But we did not stake all of those properties. We filtered by communities. And I'll explain what I mean. Uh, in Peru, when you look at a map of a property, you can overlay the community areas on top. And so you can see a couple of really useful pieces of information. Firstly, you can see if there's one community or two or four. And honestly, if there's four, it's going to be really difficult to make community agreements and to work on the property because you're dealing with four individual administrations. So we generally we took a general decision. It's not universal, but it's a general decision that we would work on projects where there's one community or two communities. It just makes our lives a little easier. And so we discarded some of these more complicated communities. We've generally stayed out of areas where we know already that the community is not very happy about mining because again to go there makes your life pretty difficult. We've avoided sometimes the community boundaries are not agreed. So you'll see on the map that there's a an overlap and that means that the two communities that are neighbors have yet to decide exactly where their boundary is. It struck us that if the communities cannot agree with each other on some on something like that. It's unlikely that they're going to agree with us and so again that's a situation that we would avoid. So by being very selective about where we went to work, we were able to work in places where we were able to get community agreements in place. In Peru, you can go and do a very basic level of work on your project. Like let's say you stake a project, you could in theory just go there, drive there, go look at some rocks, take some samples, maybe you bump into some community people when you're there. You could do it that way, but it doesn't make sense. you and in every case we've taken the step of going to make some kind of very simple high level community agreement before we even set foot on the ground. And that's really just something simple like some benefits to the community like uh if they need some upgrades to their irrigation system, we might provide them with the PVC hoses and some of the attachments and sprinklers and things like that. Just an example. uh we wouldn't be spending a lot of money at this stage, but we're doing something that is beneficial to the community and that helps us build a relationship. And then as we come in and out of the community to do the initial stages of work, we build a relationship. And what that means is by the time you get to the point where you're going and asking for a drill permit, which is a whole different kind of situation. You've already got a relationship, you're already working with the community, and it means you can get it done. And so on one of our projects in Peru, we've already got uh a drill permit and on some others we are working on it and expect it to be completed in five or six months time. So we've just tried to make our lives easy and we've tried to enter into projects where we think if we find something we will be able to drill it ultimately. Yeah. Because if you can't it's difficult and if you haven't got a drill permit it's more difficult to find a partner. So, let's say you bring in BHP into a project, but there's no drill permit. BHP might have to spend the first 6 or 12 months getting the permit. And really, we would rather that we do that. We like to be in Peru. We like to be in control of that situation. We've got really good community relations consultants. They've been very successful, and we prefer to manage that ourselves. So, we try to get all the way to the permit before we option out the property. What do you think Sarah Bio ends with? I think that's one of the projects that that is kind of higher up on your list that that and this is just my personal speculation that we might see, you know, someone come in on on in 2026. Uh, correct me if you think that's wrong, but who do you think that fits with? Uh, so a little awkward to talk about. We're in very advanced negotiations with the party on Sarah Bio. So I won't be able to say too much about it, but I hope that we'll be able to conclude an agreement and to subsequently announce that uh quite quickly. And if we're successful in doing that, the project is drill permitted and there's a good chance that drilling would begin even before Christmas time in Q4. Uh yeah, know that I was going to say that's fear. Um, I understand the position you're in. Beric had already generated targets on Sarabaya and then they eventually walked away. Why didn't they why didn't they ever drill them? I know this has been this can be a difficult topic of conversation because it tends to it tends to generate an assumption that Barrett came looking for something significant, didn't find it, and walked away. And that would in most cases be a reasonable conclusion. Uh in this case it is a little different. So Barrick had a lot of projects in South America uh within their exploration business. Uh they took a decision at some point about 3 or 4 months before they terminated our agreement and the decision was that they were going to reduce that number of projects to around 10 for all of South America. Uh what that effectively meant was it it became less about the potential of the project and more about where the project was. I think so projects that made the top 10 would have had resources already. They would have been drilled already and therefore a great deal of the exploration risk would have already been dealt with just more advanced. And so as far as I know, they walked away from everything that wasn't yet in a resource category. That's what I was told. And so our project had no chance of making that top 10 list essentially. And that's fine. I get that. Uh but the Barack guys were really good to us. Uh they didn't just walk away. They they walked away. We had a kind of a extensive exit process where we had an opportunity to get on video calls with their VPX and some other of their senior exploration staff who've been involved with the project. We obviously got all of the data uh including external peer-reviewed reports that so their process in Barrack would be that someone senior in the company would write a report on the project but then as a sanity check that report and the project would be reviewed by an external consultant to make sure that they're not missing something or getting it completely wrong which happens right. So, so we got all of this data. We got all of these reports. We had time to speak to their people to speak about the projects that the bits of the project they like, the targets they generated and it was just really encouraging and they their recommendation to us was, you know, just try and find another partner. This really is a good exploration project. Not for us right now, but good project. And so, we continued with the drill permitting process, which took us quite a bit of time. Uh, I'm thinking that was probably from the time that Barrick left, I think that probably took us about 10 months, but it is permitted now. Uh, and we see we see Santa Cruz as being a pretty important province to operate in and a province that's very supportive. It's it's got a lot of advantages. It's got more operating mines than any other part of Argentina. It's got at least two deep water ports. It's got uh rail, it's got electricity, infrastructure is excellent, and a government that's very supportive of mining. And so this is like the this is one of the best places you can work in Argentina, even though the permit took a little longer than I liked, but it's in place and that's all that really matters. So yeah, the objective is to get something signed up real quick here. Uh get a drill as quickly as possible and uh yeah, see what we got. The target is the target is high-grade veins and Barrick basically established a structural corridor that's about 6 km wide that goes right across the property. There's a whole series of veins coming up through the cover and we would assume that there's also veins that are not coming up to the cover and therefore not seen. The grades of surface are moderate, uh, which is what we expect in this scenario. So, we're looking at an epiothermal system that's a couple of hundred meters thick. If this is the current surface, we expect the bonanza grades to be here. And that's basically at between 70 and 150 m from surface in most cases. So, this is a project where you're not going to know the answer until you drill the holes. When we drill the holes, we want to hit veins that are 1 to 3 m in thickness. We want it to be very high grade and we want to have as many veins in each drill hole as possible and that's ultimately how we would hope to get to a very very significant resource. Uh we expected to be silver dominated. So if we're successful the assets that you'll see will be silver with some gold. Well well again I think if if either of us knew what the project would be before it was drilled we probably wouldn't be talking to each other here in the first place. Um, I know you almost have to run here though, Keith, and I want to start working toward wrapping up. What do you think is the biggest opportunity for Lat Meadows right now from everything that we've talked about, but also given that you've been doing more marketing, talking to more people, what's the biggest criticism that you've gotten on Latin so far? Oh, that's a funny question, but I like it. Uh, I don't think I've had a ton of criticism and I think that's largely because the investors were so well aligned with what we were doing. I get a bit of moaning and groaning for sure like why is it taking 3 years to get a drill permit on this project? Questions like that I ask myself the same question every morning. It's can be very frustrating and delays are the number one frustration. We had some very significant shareholders and well-known shareholders come in about 3 years ago and for the first two years of that 3year period, we delivered almost nothing in terms of the catalyst that we hope to deliver. So we don't get a ton of blame for that. Uh these delays are largely outside of our control and one of those delays would have been like Barrick terminating like that was disappointing. like it's fine, it's worked out, we'll get another partner, we'll get the thing drill tested, but it kind of cost us a couple of years in terms of timing. So delays are very frustrating for us. They're very frustrating for shareholders, but largely the shareholder base is quite patient and understands what we're doing. A very I would say the shareholder base is quite sophisticated. They they really have a good level of understanding of what the end goals are and what it's going to take to get there. In terms of opportunities, the obviously the Anglo Gold one is just such a big opportunity, but it's also high-risisk because of its grassroots nature. So, it's also worth thinking about Esparanza, which we talked about a little bit. Uh that was a discovery that we made in 2018 before we became a prospect generator and we drilled this ourselves. We drilled we intersected mineralization from surface. It's 387 m of drill hole, all of which is mineralized. It averages 0.57% copper,27 g gold. And if you take away the gold and you just focus on the copper in Q1 2018 when this hole was drilled, that was the third best copper intersection in the entire world. And I tell you that only so you kind of can be absolutely clear that it was a very very significant intersection. It was poorly received by the market. It was a terrible time in the market. Copper price wasn't great. There's a whole bunch of reasons why it didn't really work. But but it is a significant discovery. And the reason that's exciting is that whereas Anglo Gold are looking for a brand new discovery on untested targets. Mashiko want to drill and step out from discovery holes and from no mineralization. And I think we all understand that that leads to a higher chance of success. Not a guaranteed success that you come up with the right kind of project, but a significant a significantly better chance of success. I'm hoping we can pick the conversation up at a later point and maybe do a bit of a a deeper geological dive on on actually all three of these um projects that that you kind of classify that way. I think that would be interesting as well. I know you have to run now though, Keith. What am I forgetting to ask you here at the end? What did you come here hoping to talk about that I failed to bring up? I think we've talked about everything that I would like to have talked about. Uh and I'll also say I really enjoyed this. It's almost all of the marketing that I end up doing and all of the interviews, podcasts, or anything else are usually somewhere between 10 and 20 minutes, which is fine, but you rarely get to really sit back, relax a little bit, and and really think about what you're going to say and and try to convey the significance of what the catalysts are for the company. And I also really like your questions at the start because they're so so important for investors and nobody ever asks those important questions. So that was pretty good. And I like being asked the questions cuz I think my answers are going to be okay. Like I'm not I'm not sitting here with a massive royalty. I'm not giving myself a million dollar bonus. I you can ask me questions like that all day long and I'm not going to be worried about what the answer is going to be. But but it's great to be able to convey that stuff too because it is very important. I really appreciate that feedback and I appreciate you saying that it is purposefully built that way. Although it isn't always easy. It'd be much easier for me if we did a 105 minute clip and I can put it out there. It'll take me less of looking into into MDNAs and uh financial statements as well. Uh but I do appreciate it. I get to see you know as much of you as is really reasonably possible. You know you can put on a sales face for 10 to 15 minutes. Um but you're not putting on a sales face for what is it an hour and 15 minutes probably at this point. Yeah. So, I do appreciate you doing this and and putting so much time in me. So, thank you so much for doing it and hopefully speak to you again soon. Yeah. Thanks very much. And as always, thanks to everyone for watching Resource Talks. I have a couple of more things to say, though. The fact that this company was interviewed here today does not mean that they're necessarily a good or a bad company. I'm not here to endorse nor attack anyone. I am simply here to ask some questions. If you find that I have failed in asking a question that you would have liked to hear an answer to, which will happen as I'm not an experienced interviewer, please let me know and I will try to correct that mistake in a future interview. As mentioned at the beginning, please understand that mineral exploration and development is an extremely risky business. Losing money is the norm and should be the expectation. This is a very complex sector and the performance of individual companies typically depends on many different moving particles including company specific factors like geology, financing ability and many others really as well as particles that are outside of the company's control like geopolitics, macroeconomics, commodity prices and many more. Most of which are nearly impossible to fully understand. Moreover, these companies that typically get interviewed on resource talks are in the pre-revenue stage, which means they rely on the public markets for the financing of their operations, which could result in shareholder dilution. Furthermore, as a general rule of thumb, you'll be better off understanding that all company communications online, albeit this interview or their website and their presentation and their social media accounts or even the social media accounts which you thought were your friends and then told you about a stock, everything really that these companies do is intended as marketing. And although I do not make buy or sell recommendations because there is a clear conflict of interest given the nature of my business, many out there do and you should be aware of that in bias and you should be careful out there. That bias is not always going to be clearly disclosed with everyone out there. So it is safer for you anytime you're watching any type of company specific content to approach it with a dose of skepticism and assume that the party telling you about it is biased in at least some shape or form because there will always be a bias again albeit clear or not. So, always ask yourself what the incentive of your counterparty is and never rely on them regardless of their incentives, but in instead double check if what they're saying is true again by using setterplus.ca. The fact that I have no idea what I'm doing should already be clear to you at this point. I am not saying this to make jokes or or laugh with myself. I just simply do not have a long enough track record of consistent investment profits. So, I should under no circumstances be considered an authority on anything. Again, although this may sound amusing to you, believe me, it is not amusing and it is not intended as a joke. I'm simply pointing out a fact and warning you not to rely on anything I do or say. Unfortunately, at least to my understanding, nobody out there has any special abilities. The CEOs do not possess any superior knowledge and they cannot know about what will go up, what will go down, or what will go in circles. Some people even believe that to be rule number one on Wall Street. Nobody really knows. None of us know whether any of the company's activities will result in a success. Again, given that we're talking about high-risk activities where most of the times it ends in failure. Also, unfortunately, try as I may, I won't always catch all red flags or old challenges with the companies. So, even if I did ask a few tough questions in here, don't rely on this being all of the tough questions. Again, these are complicated startups with many moving parts and I am conflicted given the nature of this business. 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This is all to say, I know it's a lot of lawyer talk, but this is all to say that you shouldn't blindly trust me or anybody on the internet, and you should do your own research. Once again, social media is meant for entertainment. It is set.ca where you do your research. That's where you'll find a company's official filings. And I encourage you to read and analyze the management information circular, the financial statements, the management discussion and analysis, and whenever available, the NI43101 technical documents. If you don't understand everything in those documents, the chances of you losing money are even higher than they normally are in the space. And as mentioned earlier, the chances of even the best analysts in this sector lo losing money are extremely high since this is venture capital and it is not for everybody. I'll leave you with one of Charlie Munger's quotes which I wish I had listened to more often earlier on which says quote if you don't understand it don't do it.